The Department of Energy will release from the Strategic Petroleum Reserve 30 million barrels of crude oil for emergency sale to address supply and market disruptions associated with Russia’s invasion of Ukraine.
DOE said Wednesday the move is part of a coordinated effort of the U.S. and other International Energy Agency member countries to make an initial 60 million barrels of oil available to the market to help mitigate supply challenges related to Russia’s military attacks on Ukraine.
According to the department, companies registered in the Crude Oil Sales Offer Program are eligible to take part in the emergency sale.
DOE announced the notice after President Joe Biden authorized Energy Secretary Jennifer Granholm to make the commitment with regard to the deployment of oil from strategic reserves.
“We stand prepared to take additional measures if conditions warrant,” Granholm said. “We will continue advancing ongoing efforts to accelerate Europe’s diversification of energy supplies away from Russia and to secure the world from Putin’s attempts to weaponize energy supplies.
She also highlighted the need to invest in clean energy to reduce dependence on Russian oil and gas.